The Woodlands Roofing: Article About Tax Incentives For Roofing
Installing a new or replacement roof is one of the biggest investments that a home or business owner can make. Because the roof is the first line of defense against the elements, installing a quality roof is essential. Some customers are tempted to choose a basic roofing material in order to save money in the initial investment, but purchasing a more efficient roofing material at the outset is a much better investment over time despite the initial cost. Newer roofing materials and installation techniques can save home and business owners hundreds of dollars over the life of the property, and these materials have the added bonus of being environmentally friendly as well. To encourage property owners to invest in more environmentally friendly roofing, both federal and state governments are offering tax incentives to help make eco-friendly roofing more affordable. Professionals at The Woodlands roofing companies can help property owners decide on the most appropriate roofing materials and installation to meet their needs.
Federal incentives for eco-friendly residential builds don't just include roofing materials. In a typical tax year, the federal government offers a total lifetime $500 tax credit for installing energy-efficient appliances and building materials. In addition to roofing materials, the government will credit items such as Energy Star home appliances, water heaters, replacement windows and more. Approximately $300 of the $500 credit can be used toward roofing costs.
A roofing contractor from Brinkmann Quality Roofing Services of The Woodlands TX can answer your questions about shingle roofs or residential roofing.
The credit can be taken for specific types of metal roof installations, but it is not limited to roofing materials. Adding to attic insulation or installing energy-efficient, roof-mounted skylights can qualify as well.
Commercial buildings are also eligible for tax credits, but the amounts are calculated according to the square footage. That amount is around $.60 per square foot, but there must be an overall energy reduction of at least 10 percent in order for businesses to qualify. The energy reduction must be calculated by a design or engineering professional.
State incentives can be taken along with federal incentives, and each state has its own regulations regarding what they approve and how much of a credit the home or business owner will receive. Together the savings could be substantial for property owners, and the energy saving benefits will continue long after the credit has been utilized.
Keep in mind that a tax credit is different from a tax deduction. Deductions lower the amount of taxable income that the amount owed is calculated from while tax credits lower the actual tax amount owed by the specified amount. In other words, the amount of tax owed for a given year could potentially be reduced by up to $500, which is not a bad savings on a significant investment.